Linux Foundation collaborates with tech and financial giants to create blockchain ‘Hyperledger’

The Linux Foundation announced a new collaborative effort to advance the blockchain technology.

The project will develop an enterprise grade, open source distributed ledger framework and free developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions.

The nonprofit organisation will be working with a slew of tech giants and financial institutions. Early commitments to this work come from Accenture, ANZ Bank, Cisco, CLS, Credits, Deutsche Börse, Digital Asset Holdings, DTCC, Fujitsu Limited, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MUFG), R3, State Street, SWIFT, VMware and Wells Fargo.

“Distributed ledgers are poised to transform a wide range of industries from banking and shipping to the Internet of Things, among others. As with any early-stage, highly-complex technology that demonstrates the ability to change the way we live our lives and conduct business, blockchain demands a cross-industry, open source collaboration to advance the technology for all,” said The Linux Foundation executive director Jim Zemlin.

The Linux Foundation is a nonprofit organization enabling mass innovation through open source.